UPDATE 1-Kone nears $34 billion deal for rival TK Elevator, Bloomberg News reports

Lift maker ​Kone is nearing a cash-and-stock deal ​to buy German rival TK ‌Elevator, valuing ​the company at about 29 billion euros ($33.97 billion), including debt, Bloomberg News reported on Tuesday, citing people familiar with ‌the matter. The Finnish company is putting the final touches on a deal with TK Elevator's owners Advent and Cinven, with an announcement expected as early as Wednesday, the report said.

Lift maker ​Kone is nearing a cash-and-stock deal ​to buy German rival TK ‌Elevator, valuing ​the company at about 29 billion euros ($33.97 billion), including debt, Bloomberg News reported on Tuesday, citing people familiar with ‌the matter.

The Finnish company is putting the final touches on a deal with TK Elevator's owners Advent and Cinven, with an announcement expected as early as Wednesday, the report said. A ‌merger between the two companies would create the world's largest lift maker, jumping ‌ahead of current number one OTIS and second-largest Schindler. A deal of that size would also mark one of Europe's biggest takeovers this year and the highest-valued company takeover in Finnish history.

Reuters could not ⁠immediately ​verify the report. ⁠Kone and TK Elevator did not immediately respond to Reuters requests for comment. Advent and Cinven declined comment. The ⁠head of Swiss lift maker Schindler said last month that it would challenge any merger ​deal between Kone and TK Elevator before antitrust authorities.

TK Elevator said last month that ⁠no decision had been taken yet on its future course, with an initial public offering (IPO) remaining one ⁠of ​the strategic options. In 2020, Thyssenkrupp sold its elevator technology business - later renamed TK Elevator - for 17.2 billion euros to a consortium of bidders led by private equity ⁠firms Advent, Cinven and Germany's RAG foundation.

Kone wanted to buy TK Elevator six years ⁠ago, when it ⁠made a non-binding offer of 17 billion euros for the company, but withdrew the offer later due to antitrust risks. ($1 = 0.8538 euros)